Lloyds bank loan

CRISPIANNE3

We were thinking about borrowing a sum of money for home improvements and  as we bank with lloyds we thought they would give us one. Last week I filled in the online form and confidant  we would get one. However not the case. The application was declined immediately and then listed all the credit reference agencies etc. I then decided to give it one more try yesterday and to my amazement the application went through straight away and the apr was only 3.1%. Nothing has changed regarding my finances.  I suggest if this happens to anyone else leave for a few days and try again.  

jonesMUFCforever

Are you saying Lloyds declined you then a few days later accepted you?

Thrugelmir

Have you had an actual loan offer? Or simply made an online application. 

mab3000

I’m not sure if Lloyds work in a similar way, but last year I was purchasing a car, and was deciding wether to go for the car finance the dealership was offering or wether to take out a personal loan with Barclays. At the time I wasn’t “pre approved” for a loan with Barclays, although I did have the option to apply and then appeal the likely decline decision (likely as not being pre approved in most circumstances  means the application will get declined with Barclays). But the interest rate was showing at 29.9%. Naturally I applied for the car finance and was accepted. 

Then the following week, which was at the beginning of a new month (at the beginning of each month is when Barclays review pre approved loan offers for all eligible customers) I was pre approved for a loan at a much better interest rate than I was getting with the car finance I had already taken out, and considerably lower than the interest rate Barclays had offered me the week before. So I took the bank loan instead and paid off the car finance. 

CRISPIANNE3

jonesMUFCforever said:

Are you saying Lloyds declined you then a few days later accepted you?

As strange as it may be this is exactly what happened. Also I never telephoned them when I received the decline.  One other thing when I applied initially and got declined I would have thought a message would have said to contact them but it was a straight decline.

Thrugelmir said:

Have you had an actual loan offer? Or simply made an online application. 

It was an actual offer and every time I go into my account via app it says I have until 6 November to accept it. Also this message appears 'Your loan application for £12,000.00 has been approved' and then in blue "complete now". 

jonesMUFCforever

The 'complete now' is when they will credit score you - then the final decision will be made.

HappilySociable

I tried getting a loan from Lloyds but was rejected. However, I did get a £450 interest free overdraft and £100 for switching when signing up for a new account with them. 

CRISPIANNE3

jonesMUFCforever said:

The 'complete now' is when they will credit score you - then the final decision will be made.

I have spoken to lloyds this am and they confirm the loan has been approved and he could have released funds over the phone for me today.  There are no further checks as I had already been credit checked.   However I contacted Nationwide and have offered one for 2.8 percent on the pre check so a lot to think about.